ICE Interest Rates report
June 2025
Gain the latest trends and insights with our monthly newsletter on ICE's rates market.
Interest Rate derivatives
The largest marketplace for U.K. and European interest rates futures and options including Euribor, ESTR, SONIA, Gilts and SARON futures.
Euribor Futures and Options
SONIA Futures and Options
SARON Futures
Long Gilt Futures and Options
ESTR Futures and Options
June highlights
ESTR Futures
- Record monthly volume at 5.6mlm
- Record volume day at 498,128 lots (5th June)
- Record Open Interest (OI) at 1,376, 596 (17th June)
Euribor Futures
- Record Open Interest (OI) at 5,382,343 (5th June)
Euribor Options
- Record Open Interest (OI) at 15,237, 589 (12th June)
SONIA Options
- Record Options Open Interest (OI) at 7,312,732 (11th June)
SARON Futures
- Record Open Interest (OI) at 416,976 (16th June)
- Record volume day at 144k lots (19th June)
Products in focus
ECB Dated ESTR Futures
- ECB Dated ESTR Futures is a cash settled future based on the interest rate accrued over an ECB Reserve Maintenance Period
- Sits alongside our existing, liquid 3 - month ESTR contract and offers significant margin offsets
- Cash settled
MPC Dated SONIA Futures
- Get direct exposure to the Bank of England’s rate decisions via our latest STIR innovation
- Futures dates mirror the exact MPC rate setting dates
- Sits alongside our existing, liquid 3-month SONIA contract and offers significant margin offsets
- Cash settled
- Launched February 24
Medium Gilt Futures (relaunched March 2025)
- ICE Medium Gilt Futures contract is a future deliverable into eligible UK government debt securities with maturities of 4 years to 6 years & 3 months and an original term to maturity of 11 years or less
- Functionality to execute Medium Gilt futures vs Long Gilt futures as a one line spread via the inter-commodity spread (ICS). Trades in a 2:1 ratio
- Trades alongside Long Gilt Futures & Options and Ultra Long Gilt Futures